Pro-Quest:
You can file as a non-resident alien. Since you were under F-1 status for most of the year, you do not qualify as a resident alien because you have not met the Substantial Presence Test.
The form is Form 1040NR or 1040NR-EZ. On either form, you can claim the $3,200 personal exemption. On Form 1040EZ, you claim a $5,000 treaty exemption. On Form 1040NR, you can claim the $5,000 standard deduction on the line where the itemized deductions are listed and write "Standard Deduction allowed under U.S.-India Tax Treaty" next to it.
Since you get the standard deduction as a non-resident alien, it makes no sense for you to wait until early June to file as a resident alien under First Year Choice unless you want to claim a credit (specifically an Education Credit) that you cannot claim as a non-resident alien.
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